We're expecting the site to have a light background.
The most important element of the logo will be the name, LocoLocal. The goal is for once a person reads the name, they remember it and can pass it along to their friends. We're not sure if we want to capitalize the two L's to emphasize the two words - feel free to try it either way (lower case, and upper case).
Obviously the word "loco" - meaning crazy in Spanish - is the interesting word of the two, and so it lends itself to artistic/fun interpretation. We certainly intend to market the site emphasizing the words "loco" and "crazy" so you might as well emphasize it within the logo as well!
Nothing comes to our mind as to how to treat the word local - but if you're inspired, give it a try, that might set your logo apart.
Just remember, make sure the logo is easily readable, from being on a business card to potentially being blown up on a billboard, to of course our web site.
Final design should be delivered in a vector format such as .ai or .eps.